SAN DIEGO -- A federal indictment unsealed Thursday charges three San Diego County residents with operating a $30 million investment fraud scheme.

Matthew "Beau" La Madrid, 48, Lance La Madrid, 50, and Eric Montiel, 52, face conspiracy and mail, wire and bank fraud charges in connection with their operation of Plus Money Premium Return Funds and related alleged real estate investment schemes.

Matthew La Madrid, of Jamul, is also charged with money laundering and witness tampering.

He was the president and general manager of Plus Money Inc., an investment group with offices in El Cajon, and also operated businesses related to real estate investments in San Diego County, according to the indictment.

According to the 29-count indictment, Lance La Madrid, of El Cajon, was the assistant general manager of Plus Money and Montiel, of San Diego, was the company's audit and communications officer.

According to the indictment, between May 2004 and May 2008, Plus Money obtained from investors more than $30 million held in three pools known as Premium Return Fund I, II, and III.

The indictment alleges the defendants falsely represented to investors that they operated a "covered calls" stock option trading program and other investment programs involving real estate, promising that monies invested in the Plus Money funds would be used to trade in "covered call" stock options and that the monthly payments investors would receive represented income from their investment.